Market Economy
Market Economy The idea of a market economy were first thought up by phisiocrats long ago. The economy described by the physiocrats is called "laissez faire," meaning let people do as they choose. ... The basis for this type economy runs on the theory of supply and demand for all citizens of such an economy. ... One country, as was said earlier, that uses the concept of a market economy is the USA. ... The majority of the counties in the world do not use a market economy so because of the USAs huge economic success we can infer that a market economy must work quite well. ... Bottom line, market economy is definitely a dominant force in the standard of living of Americans and plays a vital role in the success of the country. Mixed Economy The idea of a mixed economy were originally brought up when men such as Jeremy Bentham and John Stuart Mill disagreed with some parts of the market economy. ... Like the USA, the GDP per capita is quite high which reflects a productive economy.